Netflix shed $17 billion in value on Thursday as Wall Street punished the leader in streaming media for announcing a day prior that it added only 2.7 million subscribers in the most recent quarter, far shy of the 5 million it had previously forecast.

For the second time in six years, Dan Loeb and his activist hedge fund, Third Point, are calling on Sony Corp. to spin off assets in an effort to boost rewards for investors saddled with shares of a complicated media giant that is underappreciated on Wall Street.

Shares of Google parent Alphabet were falling 7 percent after the closing bell on Monday after the company posted smaller revenue than Wall Street had forecast due to less-than-expected advertising sales.